My first encounter with accounting occurred in my first quarter at Santa Clara University.It was a completely new area for me and my interest in the financial world grew by leaps and bounds with each passing lecture.Recently I had another chance of exploring the link between ERP ,and Financial accounting and it was very staggering to find how the latter supports ERP systems.
SAP ERP’s Finance and Accounting solution smooth-ens the operations related to finance for any organization.It coalesces and automates the important accounting and financial procedures,hence un-complicating the process of managing resources,expenditures and financial reporting documents. ERP binds the processes spread across different functional areas to give a unique version of the financial information to everyone.SAP ERP’s finance solution,also allows anyone to have a real-time understanding of the company’s financial health.It also helps to reduce costs by providing a common platform for customers or suppliers to interact.SAP FICO ( FI denotes Financial Accounting and CO denotes Controlling ) acts as a repository for the data of the financial transactions.
I hope to learn more about the different aspects of SAP FICO modules along with their correlation to other business process.Here is my attempt to represent different SAP FI modules in a diagram.
